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Strategy in Action

Success in implementation

Achieving the plans set forth in the Strategy for the period until 2025 aims to create the most added value for the capital invested by shareholders in the oil and gas industry of the Russian Federation.

Results in 2014:

In 2014, the following performance targets were specified:

80% — Yield of light products in Russia

100% — Production volume of Russian oil refineries, sold through own high-margin distribution channels

5.6 mn t — Sale of jet fuel

4.1 mn t — Sale of bunker fuel

1.8 mn t — Sale of petrochemical products

Strategy

The foundation of the operations of Gazprom Neft is the Company’s Development Strategy until 2025, which was approved by the Board of Directors in May 2013. This Strategy is a continuation of and improvement on the Development Strategy until 2020, which was approved in 2010 and updated in 2012 by the Company’s Board of Directors. The document contains the goals for 2020, elaborates on ways to achieve them in the main business segments – hydrocarbon production, oil refining and the sale of petroleum products – and also identifies the key objective for the period from 2020 to 2025 as maintaining the business scale achieved by 2020.

As part of the monitoring of the implementation of the Strategy in 2014, the goals and objectives for several business areas were clarified. The updating of the goals and targets was specific in nature and did not entail any large-scale revision of the Company’s Development Strategy as a whole. Today in the area of exploration and development Gazprom Neft continues to focus on the efficient development of the mature resource base and ensuring the maximum return on investment for new projects. In refining and sales, the focus remains on modernising refining facilities and maximising sales of petroleum products through its own sales channels.

Goal-oriented visionof business

Implementing the plans set forth in the Strategy for the period until 2025 aims to create the most added value for the capital invested by shareholders in the oil and gas industry of the Russian Federation.

The reporting year was a successful one for Gazprom Neft. The Company improved its results for almost all production indicators: growth in reserves, an increase in production and refining volumes and an increase in premium sales.